Addition u/s 68 merely based on presumption/ suspicion is unsustainable

Prashant Pratap Ahir Vs ACIT (ITAT Pune)

ITAT Pune held that addition u/s 68 of the Income Tax Act merely on the basis of presumption or suspicion without any corroborated evidence is unsustainable.

Facts- A letter was issued to the appellant calling reply, upon no response thereto, on a due approval by service of notice u/s 148 of the Act, a proceeding u/s 147 of the Act was initiated by Ld. AO on the ground that, the assessee inspite in receipt of salary income, cash dep

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